NNPC Monthly Earnings Hit $416m

By John Okoh


Minister of State, Petroleum Resources, Ibe Kachukwu and GMD of NNPC, Dr Mainkanti Baru

The Nigerian National Petroleum Corporation has hit a whooping $416 million in oil and gas sales according to the oil giant in a statement on its Financial and Operations Report for June 2018

It stated in the report that crude oil export sales contributed $274.95 million, which translates to 66.08 per cent of the dollar transactions compared with $244.72 million contribution in the previous month.

On export of gas sales for the same month, the corporation generated $141.12 million.

The statement reads in part: “This translates to a total supply of 1.208 billion SCF per day of gas to the domestic market and 2.562 billion SCF per day of gas supplied to the export market for the month, implying that 53.96 per cent of the average daily gas produced was commercialized while the balance of 46.04 per cent was re-injected, used as upstream fuel gas or flared.”, it said , adding, “In all, a total of 744 million standard cubic feet of gas per day (mmscfd) was delivered to the gas fired power plants in the month of June 2018 to generate an average power of about 2,970 megawatts (MW) compared with May 2018, where an average of 742 million SCF per day was supplied to generate 2,940MW.” “For the period between June 2017 and June 2018, a total of 3,080.90 bcf of gas was produced, representing an average daily production of 7,826.41 mmscfd.

“The gas flare rate was 10.33 per cent for the month under review, that is, 721.83 million SCF per day, compared with the average gas flare rate of 10.4 per cent, that is,    813.37 million SCF per day for June 2017 to June 2018.” The NNPC added that it undertook the repairs of ruptured gas pipeline, which supplies gas to most thermal electricity generating plants in the country, leading to appreciable leap in power generation. It further noted that in the downstream sub-sector, 1,194.93 million litres of petrol were supplied into the country through the Direct-Sale-Direct-Purchase (DSDP) arrangements as against the 1.096 billion litres of petrol supplied in May 2018. “The petroleum products — petrol, diesel and kerosene production by the domestic refineries in June 2018 amounted to 205.73 million litres compared to 161.91 million litres in May 2018,”